"Freedom 55"? More Like "Workin' 9 to 5"...
Saving enough for retirement is a big worry for many Canadians. I’ve previously blogged about planning for “decumulation” and the uncertainty many face with difficult-to-predict retirement income. However, a recent article in the Globe and Mail points out that, for many, worrying about spending during retirement may be a little premature – a bigger concern should be being able to retire in the first place.
The article cites the November 2010 edition of the Consumerology Report (published by the Canadian advertising agency, Bensimon-Byrne), which tracks consumer opinions on retirement. The report found that while people looked forward to retirement, most expected they would have to work longer to reach retirement than they wanted. It also found that most people did not believe that they would have enough savings to support themselves during retirement and would instead need to rely on government pensions such as the CPP or OAS.
Some of the report’s other findings include the following:
- Only one-third polled expect to retire by the time they are 65, while one-fifth anticipate working past 70
- Two-thirds of those currently working expect to continue working, at least to some degree, during retirement
- More than a half of Canadians have little or no confidence that they’ve saved enough for retirement and almost half believe they will outlive their savings
- Half of working Canadians expect to need support from their families during retirement while half also believe the government should have done more to help them prepare financially
And now for the good news - working Canadians have a largely favourable view of what retirement will hold once they finally get there. They see it as a chance to start afresh and remain active – including in the bedroom. More than half said they expect to have more sex when they reach retirement; although, they may be in for a disappointment – of the current retirees polled, most said they didn’t have more.